Dow, S&P 500, Nasdaq futures trade flat as Wall Street digests Trump’s

US stock futures were at a standstill as Wall Street looked forward to wrapping up a week marked by growing doubts about the economy’s health under President Trump’s trade and tax agendas.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) traded flat.

The week opened with Moody’s downgrade of the US credit score front and center for investors. While Wall Street initially shrugged off the news, by Tuesday markets pulled back from their recent rally amid warnings that investor relief over easing trade tensions looked overblown with tariff rates still high and economic growth projections muted.

Read more: The latest on Trump’s tariffs

Stocks continued to stumble on Wednesday and Thursday as Trump’s “big, beautiful” tax bill made its way to a House vote and triggered fears about the ballooning US deficit.

While Trump and his allies maintain the legislation will boost spending and investment, it stands to add trillions to US debt, an issue that Moody’s mentioned in its downgrade. Now, the bill heads to the Senate, where Republican lawmakers have already flagged major changes that need to take shape.

The bond market, in particular, had a strong reaction to the bill’s advancement, with the yield on 30-year Treasury bonds exceeding 5% on Wednesday. The action suggested that even if Trump is able to pass the legislation, he may face a dizzying array of consequences afterward that could threaten economic growth.

Next week, Wall Street will be counting down to Nvidia (NVDA) earnings, which are set for Wednesday after the bell.

This year, the chip giant has found itself in the crosshairs of Trump’s fast-moving trade policy as well as debates in Big Tech over costly AI investments. Nevertheless, options traders expect a lower level of volatility from Nvidia shares after this earnings report compared to recent quarters.